Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm slides over 3%, hits 2-week low on weak rival oils, export outlook

KUALA LUMPUR, Jan 10 (Reuters) - Malaysian palm oil futures dropped more than 3% on Tuesday, tracking weakness in rival edible oils and on fears of weak exports, with investors eyeing key data to gauge supply and demand levels.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange slumped 156 ringgit, or 3.79%, to 3,962 ringgit ($906.01) a tonne during early trade, its lowest since Dec. 23.

FUNDAMENTALS
Traders are awaiting Malaysian Palm Oil Board and cargo surveyor data due later in the day to determine price direction.

A Reuters' poll pegged at-December inventories shrinking to a four-month low of 2.17 million tonnes, as production and exports slowed.

Dalian's most-active soyoil contract DBYcv1 fell 2.3%, while its palm oil contract DCPcv1 eased 2.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS
Asian shares fell after hawkish comments from two U.S. Federal Reserve officials overnight, with investors turning cautious ahead of key inflation data, while China's reopening after COVID curbs pushed commodities higher.
By: via Malaysian Palm Oil Council Russia